BUSINESS
China to drag global smartphone market down this year, IDC says
The world’s biggest smartphone market is expected to shrink by 38 million units this year, down 11.5% on 2021 and accounting for about four-fifths of the global reduction in shipment volume.
BUSINESS
Sheryl Sandberg’s advertising empire leaves a complicated legacy
As an advertising head at Google in the mid-2000s, and as chief operating officer at Facebook for 14 years until her resignation Wednesday, Sandberg oversaw a period during which the internet services ballooned to colossal sizes, fed by a seemingly endless fountain of advertising revenue.
BUSINESS
Toshiba reveals buyout bids as privatization odds increase
The Tokyo-based company outlined the number of non-binding offers received in a statement Thursday, without disclosing the bidders. It will evaluate the proposals and choose one or more of them to pursue, as soon as possible after the annual shareholder meeting scheduled for June 28.
BUSINESS
JPMorgan’s Marko Kolanovic sees sunny stocks as Jamie Dimon braces for storm
“We remain positive on risky assets due to near record-low positioning, bearish sentiment, and our view that there will be no recession given supports from US consumers, global post-COVID reopening, and China stimulus and recovery,” Kolanovic and his team wrote in a note to clients on Wednesday.
BUSINESS
Carlyle CEO Kewsong Lee warns ‘momentum trade is gone’ as markets teeter
“That whole momentum trade is gone,” Lee said Wednesday as part of a panel during a benefit lunch for the Museum of the City of New York. “We’re back to fundamentals, we’re back to real growth and I think that’s healthy.”
BUSINESS
Delhivery CEO Sahil Barua navigates market meltdown in ‘nerve-wracking’ IPO
The IPO last week came only after months of discussions with potential investors and investment bankers, Barua said. Executives paid multiple visits to would-be backers to explain the business models and numbers at the company, which is based in Gurgaon in the suburbs of New Delhi.
BUSINESS
Trillions at stake in India as women disappear from workforce
So in 2019, Bhuniya snuck out of her isolated village in eastern India. She took a train hundreds of miles south to the city of Bengaluru and found work in a garment factory earning $120 a month. The job liberated her. “I ran away,” she said. “That’s the only way I was able to go.”
BUSINESS
Fed’s James Bullard sees 3.5% rates setting up cuts in 2023 or ‘24
James Bullard reminded the Economic Club of Memphis on Wednesday that in late 2019, prior to the Covid-19 pandemic, Fed rates were 1.55%, the 10-year Treasury yield was 1.86% and mortgage rates were below 4%.
BUSINESS
US economy shows signs of downshifting as rates, inflation bite
Expansion and price gains may be moderating in parts of the country as households and businesses navigate higher rates, the Russian invasion of Ukraine and ongoing disruptions from Covid-19 infections, the central bank said in its Beige Book report Wednesday.
BUSINESS
Fed hawks and doves stay the course on rate hikes to cool prices
Dove Mary Daly of the San Francisco Fed and her more hawkish colleague James Bullard of St. Louis both backed a plan to raise rates by 50 basis points this month and next to counter the hottest inflation in 40 years, while Richmond’s Thomas Barkin said it made “perfect sense” to tighten policy.
BUSINESS
How the world is paying for Vladimir Putin's war in Ukraine
Russia is being propelled by a flood of cash that could average $800 million a day this year — and that's just what the commodity superpower is raking in from oil and gas.
BUSINESS
EV sales will triple by 2025 and still need more oomph to reach net zero
The research firm lays out the stakes and calls for action in its seventh annual Long-Term Electric Vehicle Outlook, released Wednesday.
BUSINESS
Singapore Airlines eyes overseas hub, says India a key growth area
The airline is open to opportunities and will evaluate potential synergies, Chief Executive Officer Goh Choon Phong said in an interview with Bloomberg News on Tuesday.
BUSINESS
Janet Yellen says ‘I was wrong’ last year on the path of US inflation
“I was wrong about the path inflation would take,” Yellen said in an interview that aired Tuesday on CNN. “There have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that at the time I didn’t fully understand.”
BUSINESS
Tech giants accuse India’s enforcement agency of ignorance in Xiaomi spat
India’s anti-money-laundering agency is accusing Xiaomi of moving money out of the country by falsely claiming it was for patent-fee payments.
BUSINESS
These Investors Say Nasdaq’s Bear Market Has Legs
Last week’s swift rebound isn’t convincing the skeptics. The Nasdaq 100 Index gained 7.2%, snapping seven weeks of losses. Still, the tech-heavy benchmark is on pace to close in the red this month.
BUSINESS
Morgan Stanley says US stock rally has limited upside
US stocks have had a volatile month amid fears that the economy might enter a recession as the Federal Reserve tightens its policy to tame soaring prices.
BUSINESS
Sri Lanka inflation jumps close to 40% as shortages persist
Consumer prices in the capital Colombo rose 39.1 percent from a year ago, the Department of Census and Statistics said in a statement Tuesday. That’s faster than the median 35 percent climb forecast by economists in a Bloomberg survey and is the highest level on record.
BUSINESS
Indian e-waste startup Attero to spend $1 billion on battery recycling plants
“There’s a tremendous amount of lithium-ion battery waste available for us to recycle,” Attero Chief Executive Officer and Co-Founder Nitin Gupta said in an interview.
BUSINESS
Fund managers commit $16 trillion to meeting net-zero target
The move, which includes Allianz Global Investors, BlackRock Inc. and Royal London Asset Management, represents $16 trillion in funds under management, and marks the latest commitment by the Net Zero Asset Managers initiative, according to a statement on Tuesday.
BUSINESS
Vladimir Putin needs help from China and India on oil Europe doesn’t want
EU leaders agreed to pursue a partial embargo on Russian crude oil shipped on sea, potentially costing Putin up to $10 billion a year in lost export revenue.
BUSINESS
Treasuries slide as inflation fears eat away at May rally
US sovereign yields climbed across the curve as oil rose to a two-month high and European inflation data for May exceeded economists’ forecasts. Hawkish comments from Federal Reserve Governor Christopher Waller added to the bond selloff.
BUSINESS
Joe Biden says he’s limited on guns after emotional trip to Uvalde, Texas
“I can’t dictate this stuff,” Biden told reporters on Monday. “I can do the things I’ve done and any executive action I can take, I’ll continue to take. But I can’t outlaw a weapon. I can’t change a background check. I can’t do that.”
INDIA
Inflation fight, monsoon may take pressure off RBI: Former Deputy Governor R Gandhi
Interest rate increases by the RBI “should be very moderate” after an expected 50 basis point rise at its next meeting in June, Rama Subramaniam Gandhi, who was a deputy governor from 2014 to 2017, said in a Bloomberg Television interview on Monday.
